Chairman's Message

In 2009 Huntingdon Valley Bank began to see the results of its plan laid out in 2007.  Through execution of documented strategies and good old fashioned hard work, I am pleased to announce that we were profitable on a pre-tax basis in the 3rd and 4th quarter of 2009.  These are the first two back to back quarters of profit since 2006.  More importantly, the bank is now positioned to operate on a profitable basis in 2010.

Additionally, we have made significant strides in our performance metrics.  Our net interest margin is now strong and ranks us in the top one-third of 27 locally operated banks.  By focusing on customer service and deploying relevant products to our customers, we were able to grow our core deposits by $14.2 million.  We currently have $121.4 million on deposit at our six branch locations.  Finally, I am proud to report that we originated $85.5 million in home loans in 2009 filling one of our primary missions – bringing homeownership to our community.  All loans were properly underwritten and extended to credit worthy customers.  2009 was our largest year ever for residential lending.

On that note, our award winning residential lending department continues to grow and promote homeownership in our market.  We have won two awards in residential lending; one for our First-time Homeowner Program and a very recent Community Reinvestment rating of “Outstanding” from the FDIC for re-investing our deposits back into the community that we serve.  We are very proud of these awards and we now routinely produce 4-5 times more residential loans on a monthly basis that we did just three years ago. 

All of this improvement and effort by our employees is really about better serving our community and our customers.  We continue to strive to be the community bank of choice and provide the best banking opportunity in our market for our customers. We look toward the future with excitement as our talented banking team continues to grow and impress.  In 2010 we will continue to look to find ways to grow and better serve our customers every day.

Sincerely,

Travis J. Thompson, Esq.

Chairman of the Board